Great read as always (PDF below).
...If it is a science at all, economics has been called the dismal science. Unlike real science, economic outcomes are not invariably predictable—as Newton’s Law of Gravity or E=MC² or Salk’s polio vaccine. Economists look at the current and the past to ordain the future despite so many unpredictable variables—and dependent on the accuracy of inputs—not always reliable, often adjusted for seasonal or other factors or whatever and often revised. As the esteemed economics professor, Ludwig von Mises, once wrote, “As there are in the field of social affairs no constant relations between magnitudes, no measurement is possible and economics can never become quantitative.” That dismal science. And many of its practitioners these days are dismal indeed.
TAMI Q4 2010 Newsletter
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